Mr Ashok commenced business on 1st January, 1992 with a capital of Rs.1,00,000 in cash. On the same date he opened the bank account and deposited Rs.20,000. During the month of January 1992 the following transactions took place:
Rs.
Jan 1 Bought goods for cash 70,000
2 Sold good to Rahul & Co.(Credit) 38,000
15 Sold goods for cash 9,000
21 Rahul & co. paid by cheque 35,000
31 Paid rent by cash 2,000
Paid wages by cash 3,000
Withdrew cash personal use 5,000
Make journal entries for the transactions.
Date
|
Particulars
|
L.F.
|
Debit
Rs.
|
Credit
Rs.
|
1992 Jan 1
|
Cash A/c Dr.
To Capital A/c
(Ashok brought in capital of Rs.1,00,000 in cash)
|
1,00,000
|
1,00,000
|
|
For Further Study
Articles explaining the basic accounting process in a simple way.
Originally posted in
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http://knol.google.com/k/narayana-rao/journal-entry-exercise-problem-2/2utb2lsm2k7a/463
purchased mobile phones as under from nokia ltd.
ReplyDelete(1) 25 pieces 'Elegent' model @rs.6000 each
(2) 40 pieces 'Executives' model @rs.4500 each
(3) 50 pieces 'Economy' model @rs.2500 each
please sir this journal entry i can't solve please help me
First understand that it means purchase was done under credit from Nokia limited. The normal is debit to purchases a/c and credit to Nokia a/c.
ReplyDelete